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Property/DIY

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Original poster

Advice needed - what to offer?

80 replies

Misty9 · 03/07/2020 16:22

I'm seeing a house on Monday and I'm 99% certain it's perfect. So I need to decide what to offer. It's on for guide price 260-270k. Nothing else has sold on that road for a few years. Comparable property round the corner is sstc for same guide price. It's empty having been rented out. I'm chain free and have a large deposit. I want to offer an amount that takes it off the market... Any experience with this?? It happens on location location location!

OP posts:

xxKatie9806xx · 04/07/2020 17:28

If you can afford 265 offer 265...no point messing about and potentially loosing the house for a few grand. If it’s only just come on I doubt they’d accept 250 as they’re more inclined to see what else they get offered.
On our house we paid more than the asking price

Original poster

Misty9 · 04/07/2020 17:56

The agents haven't been very forthcoming but did say they think it would need to be closer to the top end of the guide price. So I'll offer either 268k or 270k and request it be removed from the market. And hope I'm first to see it...

OP posts:

Atadaddicted · 04/07/2020 17:57

Oh don’t go £268k. That’s daft

Just go in £270k and say off the market

xxKatie9806xx · 04/07/2020 18:02

I’d go 265 OP if guide price is 260-270 and work your way up to 270. I think generally you can only get away with low offers if it’s been on for a while or the sellers are in a desperate rush with no other interest. Good luck hope you get it!

Original poster

Misty9 · 04/07/2020 18:16

@Atadaddicted

Oh don’t go £268k. That’s daft

Just go in £270k and say off the market

True

How does off the market work with other viewings straight after mine?

OP posts:

sunshinesupermum · 04/07/2020 18:37

The viewings will be cancelled if your offer is accepted and it's taken off the market.

willowsmumsy · 04/07/2020 18:55

If you go in with full asking price and are ready to proceed with nothing to sell, then they should accept. You're a seller's dream!
Is your mortgage in place?

Original poster

Misty9 · 04/07/2020 19:13

@willowsmumsy

If you go in with full asking price and are ready to proceed with nothing to sell, then they should accept. You're a seller's dream! Is your mortgage in place?

That's what I'm hoping. Yes, mortgage in place but I've got a large deposit too.

OP posts:

Atadaddicted · 04/07/2020 20:51

It’s highly unlikely that the EA will ring vendor and cancel viewings immediately after you.

He will say that he will call once back in the office to update the vendor.

He will allow the viewings straight after you’re to proceed.

From his perspective - he would like to go back with as many offers as possible and each will present their own pros and cons ie cash buyer being best; then someone already sold but not a long chain etc etc.

So if there are viewings after - cross your fingers they don’t like!

sbplanet · 04/07/2020 22:28

"That's what I'm hoping. Yes, mortgage in place but I've got a large deposit too."

If you like it be straightforward, say so and offer £270k and ask for 'no more viewings' (they might cancel if there are any). Say you're keen to move quickly and will instruct your solicitor to do so. And then hope the EA isn't wanting to 'mess about'.

Oopsiedaisyy · 04/07/2020 23:37

I was going to go for full asking price but got convinced otherwise. They spent two days considering my 260k offer and then came back asking for 265, I immediately agreed. Its off the market. 5k for new carpets

K1999 · 04/07/2020 23:44

Hmm. How much is a 'large' deposit?

Itscoldouthere · 04/07/2020 23:51

If I was selling (infact I have been I’ve just exchanged on my house) and someone offered me full asking within a few days of putting the property on the market, I would not agree to remove from the market, I’d want all potential (and only proceedable) people to be able to view, as a seller you want more people to want your house to hopefully either push up the price or give you the option to choose the most proceedable offer.

Original poster

Misty9 · 05/07/2020 00:15

@Itscoldouthere

This is my worry. The property is empty having been rented, so they may not be in a rush.

My deposit is more than half the asking price.

OP posts:

sbplanet · 05/07/2020 15:02

"This is my worry. The property is empty having been rented, so they may not be in a rush.

My deposit is more than half the asking price."

They could be in a hurry to sell as they have no tenant in paying the rent.

Also if they were to mess about with a buyer ready to go, who has offered full asking price, then they'd probably give you worries all through the sale!

sbplanet · 05/07/2020 15:03

Obvs I meant and perhaps using the tenants rent to pay a mortgage on the property.

Original poster

Misty9 · 05/07/2020 16:33

Fingers crossed they are in a hurry! I'm undecided between offering 270k off the bat, or 265k so there's room to go up a little...especially if counter offers are involved

OP posts:

Oopsiedaisyy · 05/07/2020 20:11

Have you seen it yet?

Original poster

Misty9 · 05/07/2020 23:35

@Oopsiedaisyy

Have you seen it yet?

Tomorrow

OP posts:

Oliversmumsarmy · 06/07/2020 12:38

If the similar houses in the neighbourhood are going for £260-270 and they are all done up then I think £250,000 is being over generous

Presumably it will need about £20k of work, kitchen, bathroom, painting and decorating you might then need to rewire and then to plaster. Not forgetting the garden.

The bills soon add up.

Then there is payment for your time of having to do all this work.

£230k is nearer the price.

Atm there are a lot of houses and flats that need thousands spent on them and are on for £20-40 k more than the identical neighbouring house/flat which was immaculate and move in ready that got sold between November19 -February20

Original poster

Misty9 · 06/07/2020 13:07

Argh. I've seen it and it's a lot more tired than the photos suggested. Needs complete redecoration, new kitchen and bathroom, new fences... I'd guess at least 20k needs spending on it. Got chatting to a near neighbour who said hers was valued at 280k last year, but she's done a lot to it. So I'm wondering about 260k... But not sure if that's too much.

OP posts:

Itscoldouthere · 06/07/2020 15:41

@Misty9 I think you would be quite tight to do full decoration, kitchen, bathroom, fences on £20,000 if it’s that tired are the electrics and heating ok?
Could be other issues damp, roof etc etc
Also you would probably need new floor coverings.
I wouldn’t go in with your final amount to start with, as I’m sure if there’s interest from more than you, the price will go up.
Did you still feel it was ‘the one’?

Original poster

Misty9 · 06/07/2020 15:47

@Itscoldouthere no, I didn't feel it was "the one" but I think I'd built it up in my head so much that that was inevitable! I agree it would be more like 30k, but I have the budget for that. The location is great and the garden is lovely. And I could make the house lovely I think. Heating looked okay and it was a modern fuse box/sockets. Not a combi boiler but I don't think they're all that necessarily. Yes it needs new flooring throughout.

OP posts:

Original poster

Misty9 · 06/07/2020 15:47

Roof and building looked sound and these properties have a reputation for being pretty sound, no damp etc.

OP posts:

Original poster

Misty9 · 06/07/2020 15:49

I wouldn't pay more than 260k for it so am considering going in with that best and final....? I'm an extremely attractive buyer it seems

OP posts:

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